New Delhi: The Indian Renewable Energy Development Agency Ltd. (IREDA) has established an office in GIFT City, Gandhinagar, with a view to offering debt assistance in foreign currencies to facilitate natural hedging and thereby reduce financing costs for renewable energy and green hydrogen projects, a PIB press release stated.
This new initiative by IREDA is expected to play a key role in the implementation of the National Green Hydrogen Mission of India, which has set a target of producing more than 5 million metric tons of hydrogen per annum (MTPA) by 2030. The country’s energy storage capacity is estimated to be around 400 gigawatt-hours (GWh) by 2030-32, with an estimated investment of Rs. 3.5 lakh crores.
The IREDA CMD has stressed the necessity of enhancing research and development efforts in order to enhance the cost-effectiveness and improve the performance of energy storage solutions. In addition, it has emphasized the importance of implementing policies that strengthen the supply chain network for the successful deployment of energy storage technologies. To promote investments in energy storage projects, it is essential to provide competitive and tailored financial solutions, the CMD said.
The IREDA CMD has taken a leading role in the field of renewable energy financing by offering innovative products and services at competitive rates. With the assistance of the new GIFT City office, the agency aims to further expand its business operations in the area of green hydrogen and renewable energy manufacturing projects.
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